Today I introduced the “End Tax Uncertainty Act of 2010”. This bill is designed to do just that – end uncertainty. With 141 tax provisions currently needing constant reauthorization by Congress, the marketplace is stuck in a perpetual state of uncertainty.
My husband and I own a small business and we know that Washington hasn’t been putting forth legislation to stabilize the hiring environment. Congress has not even determined the tax tables for 2011, as we quickly approach the New Year. What business would want to hire right now without knowing how much they will be paying in taxes next year?
My bill to end tax uncertainty will help create a pro-growth economy by extending the current tax rates for all Americans, repealing the capital gains and dividends income, and permanently patching the Alternative Minimum Tax. Furthermore, my bill will reduce the corporate tax rate from 35% to 25% and I am especially eager to see the positive results of this change.
Earlier this month, the Heritage Foundation’s Center for Data Analysis predicted a 25% corporate income tax rate could have remarkable effects on our economy. Among their predictions:
- The number of jobs in the U.S. would grow on average by 581,000 annually from 2011 to 2020, with 531,000 on average being created in the private sector each year;
- U.S. real gross domestic product would rise on average by $132 billion per year;
- A typical family of four’s after-tax income would rise on average by $2,484 per year;
- U.S. capital stock would grow by an average of $240 billion more per year; and
- Gross private domestic investment would increase by $57.2 billion per year.
I urge my colleagues to pass the End the Uncertainty Act of 2010 so we can witness these incredible effects on our economy. I know Americans across the country could benefit from more job opportunities and by keeping more of their own hard-earned money.